AGF Management Ltd. Takes $5.11 Million Position in Brookfield Business Partners L.P. (NYSE:BBU)

AGF Management Ltd. bought a new position in shares of Brookfield Business Partners L.P. (NYSE:BBU) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 216,717 shares of the business services provider’s stock, valued at approximately $5,111,000. AGF Management Ltd. owned approximately 0.29% of Brookfield Business Partners as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. PCJ Investment Counsel Ltd. boosted its holdings in Brookfield Business Partners by 6.6% during the fourth quarter. PCJ Investment Counsel Ltd. now owns 1,618,655 shares of the business services provider’s stock valued at $38,041,000 after purchasing an additional 99,763 shares in the last quarter. BBR Partners LLC bought a new position in shares of Brookfield Business Partners during the 4th quarter worth approximately $241,000. Bank of New York Mellon Corp boosted its stake in Brookfield Business Partners by 8.9% in the 4th quarter. Bank of New York Mellon Corp now owns 17,724 shares of the business services provider’s stock valued at $415,000 after buying an additional 1,448 shares in the last quarter. Caldwell Investment Management Ltd. acquired a new stake in Brookfield Business Partners in the 4th quarter valued at $1,731,000. Finally, Principal Financial Group Inc. grew its position in Brookfield Business Partners by 29.9% in the third quarter. Principal Financial Group Inc. now owns 117,189 shares of the business services provider’s stock valued at $2,731,000 after acquiring an additional 26,947 shares during the period. 85.04% of the stock is currently owned by institutional investors.

Brookfield Business Partners Stock Down 1.4 %

Shares of BBU stock opened at $22.08 on Thursday. Brookfield Business Partners L.P. has a 1 year low of $16.85 and a 1 year high of $26.75. The firm has a market capitalization of $1.64 billion, a P/E ratio of -45.05 and a beta of 1.50. The company has a current ratio of 0.50, a quick ratio of 0.39 and a debt-to-equity ratio of 2.12. The firm’s fifty day moving average price is $23.10 and its two-hundred day moving average price is $23.11.

Brookfield Business Partners (NYSE:BBU) last issued its earnings results on Friday, January 31st. The business services provider reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $1.33. Brookfield Business Partners had a net margin of 2.20% and a return on equity of 5.09%. On average, equities analysts predict that Brookfield Business Partners L.P. will post 5.25 EPS for the current fiscal year.

Brookfield Business Partners Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, February 28th will be issued a $0.0625 dividend. The ex-dividend date is Friday, February 28th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 1.13%. Brookfield Business Partners’s payout ratio is -51.02%.

Wall Street Analyst Weigh In

BBU has been the topic of several analyst reports. Royal Bank of Canada lowered their target price on shares of Brookfield Business Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. BMO Capital Markets upped their price objective on shares of Brookfield Business Partners from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Finally, Scotiabank reiterated an “outperform” rating on shares of Brookfield Business Partners in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Brookfield Business Partners has an average rating of “Buy” and a consensus target price of $32.33.

About Brookfield Business Partners

Brookfield Business Partners L.P. is a private equity firm specializing in acquisition. The firm typically invests in business services, infrastructure services, construction, energy, and industrials sector. It prefers to take majority stake in companies. The firm seeks returns of at least 15% on its investments.